The popularity of AI and ML is increasing year over year in various industries such as manufacturing, healthcare, energy, oil & gas, and many others. Most of these industries adopt the technology to increase working efficiency, automate the service delivery process, and modernize the offerings, which has gained an important role in competing with competitors in the market
NEW YORK, Sept. 22, 2022 (GLOBE NEWSWIRE) — The comprehensive industry research on “Global Industrial IoT Market” published by Data Bridge Market research includes growth analysis, regional marketing, challenges, opportunities, and drivers analyzed in the report. The credible Global Industrial IoT Market report offers actionable market insights with which businesses can make out sustainable and lucrative strategies. Not to mention, the report analyses the general market conditions such as product price, profit, capacity, production, supply, demand, and market growth rate which supports businesses in deciding upon several strategies. Porter’s Five Forces analysis has been performed while formulating this market document along with many other standard steps of researching, analyzing, and collecting data. Additionally, key players, major collaborations, mergers, acquisitions, trending innovations,s and business policies are also re-evaluated in the Industrial IoT Market report. It becomes easy to figure out brand awareness and insight about the brand and product among potential customers.
Data Bridge Market Research analyses that the global industrial IoT market is expected to reach a value of USD 540,976.71 million by 2029, at a CAGR of 10.1% during the forecast period. “Sensors” accounts for the most prominent technology segment as this type of technology is in demand and is the best option to extract information from industrial components. The industrial IoT market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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The extension and application of the internet of things (IoT) in industrial sectors and applications are referred to as the industrial internet of things (IIoT). The Machine-to-Machine (M2M) Internet of Things (IIoT) enables businesses and industries to operate more efficiently and reliably because of its strong emphasis on M2M connectivity, big data, and machine learning. Industrial applications such as robotics, medical technology, and software-defined production processes are all included in the IIoT.
Increased use of the industrial IoT market due to the adoption of artificial intelligence (AI) and machine learning (ML) in the end-user industry is also driving the market’s growth. The higher probability of device theft and data breaches is expected to restrain the industrial IoT market. Growing internet penetration and digitalization across the globe are an opportunity for the industrial IoT market. High installation costs and difficulties in integrating IoT devices are challenging the global industrial IoT market.
In March 2022, Cisco Systems, Inc. developed an advanced IoT Control Center platform to help improve service reliability and reduce operational costs. This development will help the company diversify its solution portfolio and offers better quality solutions
In April 2022, Arm Limited introduced two new solutions, Arm Cortex-M85 and Cortex-A. These new products and solutions will help the company offer better solutions to customers, attracting new customers and accelerating revenue growth
Some of the major players operating in the Industrial IoT market are:
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The industrial IoT market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies’ focus related to industrial IoT market.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Industrial IoT market
Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
Competitive Assessment: In-depth assessment of the market strategies, geographic and…